MARQUETTE, Mich. (WJMN) – During the Marquette City Commission’s Monday night meeting, a roll call vote ended up in favor 5-2 for the Vault Marquette Brownfield Plan. The proposed Brownfield Plan would redevelop the Marquette Savings Bank at 101 S. Front Street and 119 S. Lakeshore Boulevard.
According to Monday’s meeting agenda, the property would be used for a boutique hotel, commercial space, residences, and a public parking facility.
The meeting can be seen on the City of Marquette’s YouTube Channel.
Below is the Project Summary as listed in the Marquette City Commission Agenda.
Braveworks, Inc., a Michigan corporation engaged in development based on Houghton, has a purchase agreement for the State Savings Bank building at 101 Front Street and 119 S. Lakeshore Boulevard. A $21 million project is proposed that will include a boutique hotel in the historic building and construction of new buildings that total an estimated 70,000 square feet with additional hotel rooms, commercial space and up to 40 residential units. As part of the development, Braveworks, Inc. is proposing a collaborative arrangement for a 200 plus space public parking facility within the development that will help meet the need for downtown parking during the day and providing hotel parking overnight. The synergy of daytime
community parking needs and overnight hotel parking needs provides an effective utilization of fixed parking spaces.
This collaborative arrangement will result in the ability to finance a 200 plus space parking deck in downtown Marquettewith increased incremental taxes generated by the Vault project, almost half of which will be State revenues and without City General Funds.
This Brownfield Plan will provide incremental tax revenues to repay certain Eligible Activities, including environmental due diligence and due care, lead and asbestos abatement, demolition, site preparation and infrastructure. Reimbursement of these Brownfield Eligible Activity expenses, including the development of a collaborative public parking facility, are critical to the economic viability of the redevelopment and downtown.
Environmental investigations have identified the presence of contaminants in soil and groundwater exceeding EGLE Generic Cleanup Criteria and a Baseline Environmental Assessment is being prepared and will be submitted to EGLE. As a result, the property is a Part 201 Facility and qualifies as Brownfield Eligible Property under Act 381
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